Zimbabwe Adjusts Individual Income Tax Brackets

Zimbabwe published the Finance Act No. 8 of 2022 in the Official Gazette on 24 October 2022. One of the main measures of the Act provides for the amending of the individual income tax brackets with effect from 1 August 2022 in the year of assessment beginning on 1 January 2022, which generally reduces the bracket thresholds, except for the first bracket. The tax brackets are as follows for remuneration earned in Zimbabwean Dollars (ZWD):

• up to ZWD 375,000 - 0%
• ZWD 375,001 to 715,000 - 20%
• ZW…